Holley Reports First Quarter 2022 Results

Holley Reports First Quarter 2022 Results

Strength in consumer demand drives 25% year-over-year sales growth, the company says.

Holley Inc., one of the largest and fastest growing platforms serving performance automotive enthusiasts, has announced financial results for its first quarter ended April 3, 2022.

First Quarter Highlights vs. Prior Year Period

  • Net Sales increased 24.8% to $200.1 million compared to $160.3 million in 2021
  • Gross Profit increased 25.9% to $82.7 million compared to $65.7 million last year
  • Net Income of $16.9 million, or $0.15 per diluted share, compared to Net Loss of $(2.1) million, or $(0.03) per diluted share, in first quarter 2021
  • Adjusted Net Income of $21.5 million, compared to Adjusted Net Income of $15.1 million reported last year
  • Adjusted EBITDA1 rose to $46.0 million compared to $43.8 million in 2021

“Holley delivered solid first quarter results with strong growth in consumer demand for our products continuing into 2022,” said Tom Tomlinson, Holley’s president and CEO. “While we are facing persistent supply chain disruptions and inflationary headwinds, we’ve kept our foot on the gas and continued to invest in the development of innovative new products that will be exciting to our enthusiast consumers.”

Full Year 2022 Outlook

Holley reaffirmed the following outlook for 2022:

  • Net Sales in the range of $765-$790 million
  • Adjusted EBITDA of $186-$194 million
  • Capital Expenditures in the range of $14-$16 million
  • Depreciation and Amortization Expense of $24-$26 million
  • Interest Expense in the range of $30-$32 million

“We are off to a strong start in fiscal 2022, delivering on our financial objectives in the first quarter, and are reaffirming our previously stated 2022 guidance,” said Dominic Bardos, Holley’s CFO. “While it is not our policy to provide quarterly guidance, I believe it is important to recognize that current economic conditions and supply chain headwinds may continue to impact margins in the near term. That said, we remain well positioned to drive long-term growth for our shareholders.”

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